During the year ended December 31, 2012, Francisco Company paid interest totaling P100,000. The prepaid interest expense is P23,500 and P18,000, respectively, on December 31, 2011 and 2012. The interest payable is P45,000 and P53,500, respectively on December 31, 2011 and 2012. What interest expense should be reported for 2012?

During the year ended December 31, 2012, Francisco Company paid interest totaling P100,000. The prepaid interest expense is P23,500 and P18,000, respectively, on December 31, 2011 and 2012. The interest payable is P45,000 and P53,500, respectively on December 31, 2011 and 2012. What interest expense should be reported for 2012?

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 9PEB

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